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Buying your first home? First Time Home Buyer updates!

2021-05-03 Dan D. Kimreal estate

CHMC’s First Time Home Buyer Incentive just got a little better for residents in higher priced markets.

Eligible applicants in Toronto, Vancouver, and Victoria may look forward to the following changes:

  • Household income threshold has been raised from $120,000 to $150,000
  • Borrowing amount has been increased from 4.0 to 4.5 times the annual household income

These only apply to first time home buyers purchasing a home in the Toronto, Vancouver, or Victoria Census Metropolitan Area. Find out if you are eligible here.